News and Press-releases

GV Gold signed the export contract with societe generale for USD 100 m

On December 05, 2018, GV Gold (Vysochaishy, PJSC) and Societe Generale Group signed the refined gold supply agreement for the amount of USD 100 M on the advance payment terms. The agreement is valid for 3 years.

In accordance with the terms of the deal, the Company receives the funds immediately and supplies the precious metal to the Bank on the monthly basis (c. 3 koz a month). Settlements for the supplied refined gold shall be performed based on the LBMA morning fixing with no gold price hedging provided for.

The funds shall be used for the GV Gold Group’s credit exposure reduction and the investment program implementation.

Company profile

GV Gold (Vysochaishy, PJSC) is one of largest and fastest growing Russian gold mining companies. It develops open pit deposits and washes gold at the country’s largest alluvial deposit. In 2017, the Company produced 225 koz of gold, becoming the 7th largest gold miner in Russia. In 2018, the Company expects to produce 280-300 koz of gold.

Its key operating assets are located in the Irkutsk Region and the Republic of Sakha (Yakutia). The Company operates four mines with a total capacity of 8 mtpa of ore and holds 20 mining and exploration licenses. GV Gold boasts an extensive resource base, with JORC reserves and resources estimated at 4.4 moz and 7.0 moz, respectively.

The Company adheres to high corporate governance standards and has a transparent ownership structure, with BlackRock among its shareholders (17.99%).

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